The European Commission proposes to set a ceiling on the price of Russian oil


It is one of the sanctions imposed by Brussels this Wednesday. There is also a ban on European citizens from serving on the boards of directors of public companies in Russia.

Euskaraz irakurri: Europako Batzordeak Errusiako petrolioari gehieneko prezioa ezartzea proposatu du

The European Commission introduced a new group this Wednesday sanctions against Russiain particular the eighth since the invasion of Ukraineincluding is set a cap on the price of Russian oil imported by the European Union. Among them is also the ban for European citizens to be part of the boards of directors of public companies in Russia.

The oil price ceiling is in line with the agreement reached by the G7, Commission President Ursula von der Leyen said in a press appearance to present the measures.

The ban on EU citizens from sitting on boards of directors aims to prevent possible cases like that of former German Chancellor Gerhard Schröder, who worked for Gazprom: “Russia should not benefit from European knowledge and its experts”, emphasized von der Leyen in this sentiment.

The EC president has defended the package of sanctions in response to the partial mobilization announced by Russian President Vladimir Putin last week, as well as in response to his threats to use nuclear weapons and the referenda in areas in the east and south of the country . Ukraine: “Last week, Russia took the invasion of Ukraine to a new level. The fake referenda being organized in the territories Russia has occupied are an illegal attempt to acquire territory to change international borders by force,” he said. von der Leyen.

“Putin’s mobilization and threat to use nuclear weapons are additional steps on the path of escalation,” he continued, assuring that the EU is “determined to make the Kremlin pay for it.” According to von der Leyen, the new round of sanctions will deprive Russia of an additional income of 7 billion euros.

The cap on the price of Russian oil is in line with the G7 leaders’ political agreement, which proposes to allow the transportation of Russian oil and its derivatives worldwide only if the products are sold below a certain amount. EU countries will stop importing Russian oil through a gas pipeline from December 5, but “certain developing countries still need Russian oil at low prices,” the Community Executive chairman said.

This measure “will, on the one hand, help to reduce Russia’s income and also keep the world energy market stable.”

In addition, the Commission proposes: expand the products that are not allowed to be exported to Russiato deprive it of “key technologies”, for example for aviation, as well as electronic or chemical components, so that its economic base and modernization capacity are reduced.

For his part, the EU High Representative for Foreign Affairs, Josep Borrell, explained that they have proposed the list of persons and entities sanctioned for supporting, facilitating or taking advantage of the invasion of Ukraine, which already contains more than 1,300 names. He has proposed, among other things, to include the Russian authorities delegated to the Ukrainian regions of Donetsk, Luhansk, Kherson and Zaporizhzhya, and other Russian people who have organized the referendums.

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Source: EITB


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